I'm a new comer to Joomla. I'm creating a dynamic module that will display data highly relevant to the content that the module has been displayed. Is it feasible? If so, how? Any assistance is appreciated.

What parameters exactly are you currently speaking about? I believe all parameters might be become using article ID. And article ID always might be retieved from GET. You could utilize code such as this:

if(JRequest::getVar('option')=='com_content' && JRequest::getVar('view')=='article')
    // then operate with ID.

If I am wrong please specify your requirements.

I really hope it will likely be helpfull.